Florida Housing Finance Corporation, Departmental

FLORIDA HOUSING FINANCE CORPORATION
Departmental

FLORIDA HOUSING FINANCE CORPORATION

 

NOTICE OF FUNDING AVAILABILITY

 

HOME INVESTMENT PARTNERSHIPS PROGRAM (HOME) LOANS

 

 

Pursuant to Federal Regulations 24 CFR Part 92 and Rule Chapter 67-50, Florida Administrative Code, the Florida Housing Finance Corporation (the “Corporation”) announces its intention to provide up to $15,000,000 of State of Florida HOME allocation for qualified mortgage loans for down payment and closing costs assistance under the HOME Investment Partnerships Program (HOME).  These HOME Loans are expected to be made available to low-income persons in conjunction with the Corporation’s Single Family Mortgage Revenue Bond (SFMRB) Program.  Such loans will be in the form of zero percent interest, non-amortizing deferred second mortgage loan financing for owner-occupied residences in any county in the State of Florida, subject to the participation of qualified lending institutions and the counties they elect to serve.  Access to these funds will be made available through Participating Lenders that have been selected to originate first mortgages under the Corporation’s SFMRB Program through an application process.  Participating lending institutions will make HOME Loan funds available on a first-come, first-served basis to eligible, low-income, first-time home buyers qualifying for a first mortgage under the Corporation’s SFMRB Program.  Applications for such loans may be obtained from the participating lending institutions.

HOME Loans must comply with Rule Chapter 67-50, F.A.C. and Federal Regulations 24 CFR Part 92.  Any home mortgage lending institution that is a qualified FHA–approved mortgagee (with direct endorsement underwriting authority preferred); or a VA-approved lender (with automatic approval authority preferred); or an USDA/RD approved lender (unless waived by the Servicer); or with respect to Conventional Mortgage loans, is a Fannie Mae and/or Freddie Mac approved lender in good standing; has errors and omissions coverage of at least $300,000; meets the requirements of the Servicer and Florida Housing with respect to financial status; and is acceptable to a Fannie Mae and/or Freddie Mac PMI Insurer, that is interested in receiving an Invitation and Application to Participate in the program should contact the Corporation by telephone at 850/488-4197, by facsimile at 850/922-7253, or in writing at 227 North Bronough Street, Suite 5000, Tallahassee, Florida 32301-1329.  Any questions or concerns regarding the availability of HOME funds or requests for more information and/or a list of participating lending institutions should be directed to Keantha Belton, Single Family Bonds Program Manager at 850/488-4197.